16 Hearthstone, $1.7 million (!) has an accepted offer after just 17 days, which usually indicates that someone’s paying close to full price. I suppose this makes sense for a family who wants into Riverside for under $2 and plans to pretty much leave the house as is (although when a listing says, “expand, renovate or start anew” it’s a strong hint that the house has exhausted its shelf life) or they plan to replace it with a $1.5 million structure and be all in at $3.2.
I hope though, that a builder’s buying it because he’ll lose his shirt, and two years from now the foreclosing bank will be interested in some serious discussions about price.
Or that’s my take on the Riverside boom, anyway, especially Hearthstone, where there are five or six new homes being built that will have to fetch at least $3.4 million apiece to justify the $1.4 third-of-an-acre lots they sit on. If all goes well the street will be transformed into a wealthy enclave of mini-pads and everyone will be happy. My skepticism about that scenario, however, stems from the history of the Hearthstone speed bumps.
Hearthstone’s a short stretch of road connecting Lockwood to Hendrie and as such serves as the main conduit to Riverside School and I-95. For decades, the residents installed speed bumps to slow the steady flow of traffic whizzing by their homes and for decades the town made them remove them because Hearthstone’s a public, not private street and no one may impede traffic on it. The bumps were finally permanently removed, but the traffic that inspired them remains. In fact, it’s probably doubled since battle was first joined. If potential buyers for those $3.4 million homes decide that a Concours d’Escalade is a bit much to bear all day, every day, and look elsewhere, bummer.